Gap Up Into the Flip — SPX Morning Note, Jul 15, 2026

Key numbers

7,563.16: Premarket

SPX gapped up 20 points overnight and is trading 7,563 premarket — 8 points above the gamma flip at 7,555. We gapped over it. A backtest of 7,555 is the first thing to watch.

CPI did the heavy lifting yesterday. June headline came in at -0.4% month-over-month, annual inflation at 3.5% — below the 3.8% consensus. July rate hike probability dropped to 17% from 42%. This morning: ASML raised its annual sales forecast on AI demand, Nasdaq futures are leading. PPI hits at 8:30, Warsh testifies at 10:00, Beige Book at 2:00. PayPal is up 18% premarket on a $53 billion takeover bid from Stripe and Advent.

Premarket is right at the gamma flip. 7,555 is the line — above it, positive gamma. The call wall at 7,600 is 37 points above. The put wall at 7,480 is 83 points below. The 21-week EMA at 7,250 is 313 points away — irrelevant until Friday.

If 7,555 holds on the backtest, 7,600 is the next level. If it doesn't, the 8 EMA at 7,519 and then 7,480 are below.

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Big Picture Levels

7,447: 7,502 — 13 EMA (daily), 21 EMA (daily), 20 SMA (daily), 8-week EMA, 50-day SMA.
7,250: 21-week EMA. Only Friday's close matters.
7,165: 20-week SMA.
7,131: 100-day SMA.
6,974: 200-day SMA.

Today's Trading

Primary range: 7,514 – 7,600
7,600: Call wall. Magnet. Ceiling.
7,563.16: Premarket.
7,555: Gamma flip. The regime line.
7,519.03: 8 EMA (daily).
7,513.95: Floor.
7,505.64: 13 EMA (daily) area.
7,501.99: 13 EMA (daily).
7,499.47: 13 EMA (daily) area.
7,497.24: 13 EMA (daily) area.
7,494.06: Multi-session support.
7,488.18: Multi-session support.
7,482.68: 21 EMA (daily).
7,480: Put wall.
7,476.82: Put wall area. 20 SMA (daily) area.
7,465.50: Support.

GEX Profile (July 15, 2026)

Call Wall: 7,600. 37 points above premarket. Magnet if the flip holds.
Gamma Flip: ~7,555. 8 points below premarket. Gapped over it — backtest expected. The session pivot.
Put Wall: 7,480. 83 points below. If 7,555 fails, 7,519 (8 EMA) and 7,480 are the stops on the way down.

Call wall, gamma flip, put wall — what they mean and why they run the session.

Execution Levels

Long Plan

Entry	Why	Targets
Dip Buy: 7,555	Gamma flip. The regime line.	7,600 (call wall)
Second Bid: 7,514	Support.	7,600 (call wall)
Deep Bid: 7,480	Put wall. Dense negative gamma.	7,502 (13 EMA), 7,519 (8 EMA), 7,600 (call wall)
Extreme: 7,466	Support. Deep negative gamma.	7,483 (21 EMA), 7,502 (13 EMA), 7,519 (8 EMA)
Reclaim: 7,600	Through resistance. Extension toward the call wall.	not stated
Continuation: 7,630	Extension.	7,640, 7,660, 7,680

Short Plan

Entry	Why	Targets
Fade pops to: 7,600	Resistance. Call wall right above.	7,555 (flip), 7,519 (8 EMA), 7,502 (13 EMA)
Below 7,555	Loss of the gamma flip. Regime shift to negative gamma.	7,519 (8 EMA), 7,502 (13 EMA), 7,483 (21 EMA)
Below 7,480	Loss of the put wall. Negative gamma accelerating.	7,459 (8w EMA), 7,447 (50-day SMA), 7,437
Breakdown: 7,457	Multi-session support.	7,447, 7,437, 7,426

How the entry tiers and targets are built: the SPX 0DTE strategy guide.

VIX Levels

14.78 key
15.29
15.62
15.79
16.26
16.65
17.11 key
17.15

Educational research, not investment advice. Levels and the plan describe how the desk framed that session and are published after it closed.